Prada and L’Oréal have announced the signing of a long-term licensing agreement for the creation, development and distribution of luxury beauty products for the Prada brand.
The agreement, which will take effect at the start of 2021, will allow the two companies to pool their expertise, the partners said.
Prada CEO Patrizio Bertelli commented: “L’Oréal is the leading global beauty company. Its position and experience make it the ideal partner for Prada to develop its full potential across a variety of new projects, leverage Prada’s well-established fragrance identity and reach even more audiences around the world.”
L’Oréal Luxe President Cyril Chapuy added: “We are very pleased to have signed this licence agreement with Prada. Prada is one of the most respected players in the global luxury industry. A symbol of excellence and avant-garde, the Prada brand’s unique and unconventional philosophy appeals to consumers around the world. This licence will give L’Oréal Luxe the ideal complement to its portfolio of iconic brands.”
Going strong on Globuy
As a lead business partner of The Moodie Davitt Report, L’Oréal and Prada’s story has also appeared in Chinese and with a consumer voice on fast-growing Chinese B2C WeChat social media account Globuy [玩转全球免税], as part of a new collaboration between Globuy owner Extra-Aile Media in Shanghai and The Moodie Davitt Report. Globuy aims to become “the KOL of Chinese travel retail” and already has 400,000 followers and a monthly audience of 1 million views for its WeChat social media platform promoting new launches, product availability, promotions and special offers. Underlining the strong affinity and complementary nature of the two companies’ work, Globuy has dubbed The Moodie Davitt Report “the KOL of travel retail B2B media” Under the agreement, selected stories from The Moodie Davitt Report.com’s lead brand partners in beauty, fashion, luxury, confectionery and premium spirits are also published by Globuy in Chinese. These include product reviews by the Globuy team. Globuy is promoting The Moodie Davitt Report’s platform to China’s travel retail sector and to its own consumer audience in China. The Moodie Davitt Report subsequently also publishes a curated selection of Chinese consumer feedback on the chosen stories and will reveal the results of regular consumer surveys conducted in association with Globuy. |
